Global Phenolic Resin Market Highlights Over 2022 – 2031

The global phenolic resin market is estimated to garner around USD 12 billion in revenue by 2031 by growing at a CAGR of nearly 4% over the forecast period, i.e., 2022 –  2031. The growth of the market is attributed to their increasing demand for reinforcing rubber products and tires, electrical insulation coatings, and bonded and coated abrasives, as they are good friction materials with superior heat resistance and good adhesive performance, high moldability, mechanical strength, low toxicity of smoke, and ability to blend with polymers. The global production of natural and synthetic rubber amounted to around 28 million metric tons in 2020.

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Additionally, increasing need for lightweight and fuel-efficient vehicles, the growing metal fabrication, automotive, and industrial machinery industry, and the continuous growth of the global electronics and power industry are the factors also expected to boost the market growth.

The COVID-19 pandemic had a negative impact on the phenolic resin market owing to the halting of various industries across the globe due to supply shortages, lockdowns, and production delays. The demand for new vehicles also declined during the lockdown period which affected production.

However, dependency on petroleum feed stock, and environmental concerns related to the production of phenolic resins are the key factors restraining the growth of the market.  

The market is segmented by type into resol, and novolac, out of which, novolac segment is anticipated to hold the major share over the forecast period owing to their wide range of applications in electronics, construction, automotive, and paints.

Global Phenolic Resin Market Regional Synopsis

Regionally, the global phenolic resin market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness significant growth over the forecast period on the back of the high consumption of phenolic resins from end users such as consumer electronics, transportation, furniture, etc. Furthermore, growing investment in building & construction, and automotive industry in the region is also boosting the demand for phenolic resins.

Market Segmentation

Our in-depth analysis of the global phenolic resin market includes the following segments:

By Type

• Resol

• Novolac

By Application

• Adhesives & Binding

• Foundry

• Molding

• Laminates

• Coatings

• Foam

• Others

By End Use Industry

• Electrical & Electronics

• Automotive

• Lumber

• Building & Construction

• Others

Growth Drivers and Challenges Impacting the Growth of the Global Phenolic Resin Market

Growth Drivers

• Enhanced properties of phenolic resin for reinforcing rubber products and tires, electrical insulation coatings, and bonded and coated abrasives

• Increasing need for lightweight and fuel-efficient vehicles

• Growing metal fabrication, and automotive and industrial machinery industry

Challenges

• Dependency on petroleum feed stock

• Environmental concerns related to the production of phenolic resins

Key Companies Dominating the Global Phenolic Resin Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global phenolic resin market that are included in our report are Allnex GMBH, ASAHI AV Europe GmbH, ASK Chemicals, Bakelite Synthetics, Gunei Chemical Industry Co., Ltd., Kolon Industries Inc., KRATON CORPORATION, Prefere Resins Holding GmbH, SEIKO PMC CORPORATION, SBHPP, and others.   

Latest Developments in the Global Phenolic Resin Market:

• September 2020: SI Group, Inc. announced expansion of capacity levels at its Nanjing, China facility which will increase production by more than 50%. This will make the site a regional hub for best-in-class tackifier, and reinforcing resin production and technology.

• December 2021: Allnex GMBH announced launch of a new low-bake resin for the Agriculture & Construction Equipment (ACE) market with excellent blooming resistance, the CRYLCOAT 2435-6.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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